The Myth about Savings in US
I have heard lot of Indians in US including me telling at some point of time – “I will save some money in US and go back and settle in
Lot of Indians come to US not knowing that it is very tough to save in US. Once they are here soon they will find the harsh realities of life here. Here are a couple of observations I made during my stay in US.
“We were better off in
In the Middle East they had company paid apartment to live, company paid transportation to and from work, a month of paid vacation, ticket for the entire family to go to
Harsh realities struck the family from day one of their landing. One third of your salary goes as tax, another one third goes a rent to your apartment and after you pay monthly installment for your car there was nothing left to save. Send your kid to preschool and that will rip off your pocket. If even after that you save something it will all be gone by the time family of four go for an
Another one that comes to my mind– one of my undergraduate class mates came to US one year back with his wife and kid. He knew that I am here for more than seven years and during the very first conversation I had with him after he landed him in US he was asking me “You might have saved at least 50 lakhs Indian rupees (approximately 100K USD) by now. He was telling me that he is planning to save over 60% of his salary and go back to
Does that mean that you cannot save a lot in US? The answer is “Yes’ and “No”. If you are a bachelor it may be possible but once you have a family it is really tough. Most of the times your expenses will balance out or exceed the biweekly pay check and there is hardly anything left to save.
Bottom Line – if your intention of coming to US is to save money and return back think again. Chances are that it is not going to happen as you don’t save enough to return. On the other hand if your intention of coming to US is to have a challenging environment where you can sharpen your skill, work on the latest and cutting edge technologies and get recognized for it, US is the place to be in.